I invest in individual stocks and some ETFs through a stockbroker. Last year, I bought less than $200 worth of shares in a company, which I did not realize was a publicly traded partnership until I received a Schedule K-1 (Form 1065) from them when I filed my taxes. This year, I am planning to move overseas, and I would like to sell these shares as soon as possible.
The Partner's Instructions for Schedule K-1 (Form 1065) say this:
Generally, a partner who sells or exchanges a partnership interest in a section 751(a) exchange must notify the partnership, in writing, within 30 days of the exchange. ...
If a partner is required to notify the partnership of a section 751(a) exchange but fails to do so, the partner will be subject to a penalty for each such failure. However, no penalty will be imposed if the partner can show that the failure was due to reasonable cause and not willful neglect."
Aside from this, I didn't find anything on the IRS's website describing whether selling these shares has any different requirements from selling other publicly-traded companies that I own shares of.
I have never worked for this company. Do I really need to notify this company that I want to sell these shares?
